国有企业高管权力与内部控制有效性研究

发布时间：2018-06-24 22:51

本文选题：高管权力 + 内部控制　；参考：《首都经济贸易大学》2017年硕士论文

【摘要】：近年来,国有企业高管“落马”事件频见报端,引发了各界对于高管权力和腐败问题的热议。另外根据“2016中国上市公司内部控制白皮书”发布的数据显示,我国上市公司内部控制重大缺陷问题占比已由2011年的0.16%攀升到了2015年的1.54%,企业内部控制缺陷问题较为突出。鉴于此,本文思考了国有企业高管权力与内部控制有效性之间可能存在的影响规律。代理关系下,拥有权力的高管可能出现两种不同的行为结果,一种是“利益输出效应”,一种是“价值创造效应”。高管如何平衡两种效应的关系会受到其权力强度和相应的公司治理机制的影响。由此,本文首先回顾了高管权力和内部控制方面的研究文献,梳理了现有的部分研究成果,并结合委托代理理论、管家理论和不完全契约理论等方面的理论支撑,阐述了本文变量关系的分析框架。接下来,围绕研究目标提出了相关假设,并采用主成分分析法、多元回归法、交互项方法等实证检验了高管权力与企业内部控制有效性之间的关系,同时对国有企业和民营企业进行了对比分析。研究发现:(1)高管权力越大,则企业内部控制越有效;(2)相比民营企业,国有企业高管权力与内部控制有效性间影响关系更强;(3)股权集中度的提高能显著降低高管权力对内部控制有效性间的积极影响;(4)相比民营企业,国有企业股权集中度的提高对高管权力与内部控制有效性关系的抑制性作用不显著。最后,本文依据所得结论,从高管权力、内部控制和公司治理机制三个方面提出了相应的建议。本文实证验证了高管权力与内部控制有效性间的正相关关系,并在全样本、国企、民企分样本中均得到了验证。一定程度上为高管权力的“价值创造效应”提供了研究支持,另外通过设置高管权力与股权集中度交互项发现了股权制衡对于高管权力与内部控制有效性关系产生的积极影响,为高管权力合理配置、股权结构改善、公司治理机制完善等提供了一些有益参考。
[Abstract]:In recent years, state-owned executives have been reported frequently, triggering heated discussions about executive power and corruption. In addition, according to the data published in "2016 White Paper on Internal Control of listed companies in China", the proportion of major defects in internal control of listed companies in China has climbed from 0.16% in 2011 to 1.54% in 2015, and the problem of internal control defects in enterprises is more prominent. In view of this, this paper considers the possible influence law between the executive power and the effectiveness of internal control in state-owned enterprises. Under the agency relationship, the executive with power may have two different behavioral outcomes, one is the "benefit output effect", the other is the "value creation effect". How executives balance the two effects will be affected by their power intensity and the corresponding corporate governance mechanism. Therefore, this paper first reviews the research literature on executive power and internal control, combs some existing research results, and combines the principal-agent theory, steward theory and incomplete contract theory. The analysis frame of variable relation in this paper is expounded. Then, we put forward the relevant assumptions around the research objectives, and use principal component analysis, multiple regression, interactive methods and other empirical tests of the relationship between executive power and the effectiveness of internal control. At the same time, the state-owned enterprises and private enterprises were compared and analyzed. The study found that: (1) the greater the executive power, the more effective the internal control of enterprises; (2) compared with private enterprises, The relationship between executive power and the effectiveness of internal control is stronger; (3) the increase of ownership concentration can significantly reduce the positive impact of executive power on the effectiveness of internal control; (4) compared with private enterprises, The increase of ownership concentration of state-owned enterprises has no significant inhibitory effect on the relationship between executive power and the effectiveness of internal control. Finally, according to the conclusions, this paper puts forward the corresponding suggestions from three aspects of executive power, internal control and corporate governance mechanism. This paper empirically verifies the positive correlation between executive power and the effectiveness of internal control, and is verified in all samples, state-owned enterprises and private enterprises. To some extent, it provides research support for the "value creation effect" of executive power. In addition, by setting the interaction between executive power and equity concentration, the positive impact of equity balance on the relationship between executive power and the effectiveness of internal control is found. It provides some useful references for the rational allocation of executive power, the improvement of equity structure and the perfection of corporate governance mechanism.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275

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